Elon Musk, the CEO of Tesla Inc. (NASDAQ:TSLA), has seen his net worth surge to a staggering $749 billion.
What Happened: The Delaware Supreme Court has reinstated Tesla stock options worth $139 billion that had previously been voided. This move also restored Musk’s 2018 compensation package, once valued at $56 billion, which a lower court had previously deemed “unfathomable.”
The Supreme Court ruled that the 2024 decision to rescind the pay package was both improper and unfair to Musk.
This ruling comes shortly after Musk became the first individual to exceed a net worth of $600 billion, following speculation that his aerospace venture, SpaceX, was set to go public.
In November, Tesla shareholders approved a record-breaking $1 trillion pay plan for Musk, endorsing his vision to transform the electric vehicle manufacturer into a leader in artificial intelligence and robotics.
According to Forbes’ billionaires index, Musk’s wealth now surpasses that of Google co-founder Larry Page, the world’s second-richest person, by nearly $500 billion.
Why It Matters: The reinstatement of Musk’s stock options and compensation package by the Delaware Supreme Court marks a significant victory for the Tesla CEO.
It not only bolsters his financial standing but also reinforces his position at the helm of Tesla Inc.
The court’s decision comes at a crucial time when Musk is steering Tesla towards becoming a leader in AI and robotics, a vision that shareholders have endorsed with a $1 trillion pay plan.
This ruling, therefore, could have far-reaching implications for Tesla’s future direction and Musk’s ambitious plans for the company.
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This article Musk’s Net Worth Nears Three-Quarters of a Trillion Following Landmark Pay Decision originally appeared on Benzinga.com
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